On June 01 2016, changes to auto insurance in Ontario will give you more choice and control over your insurance and premiums. Statutory accident benefits are changing, and new optional accident benefits choices will be made available to allow you to customize your policy to suit your individual needs. The choices will give you greater influence over the price you pay for insurance. The cost of your policy will vary based on the coverage you purchase.

The Reforms and new choices will take effect June 01 2016. Your policy wont change until it is time for it to be renewed. When you receive your renewal documents you will also be provided with more information on the changes and your new options. This will help you make an informed decision.

After June 01 2016, you can choose to make changes to your existing policy to take advantage of the new levels and options, without having to wait for it to come up for renewal.

Stay tuned for more information and feel free to contact us at Expo Insurance Brokers at anytime for more information.

IBAO is working to raise awareness on the risks associated with ride sharing programs for both drivers and passengers. As an advocate for consumers and the conduit between the

insurance company and the policyholder, UberX drivers and UberX passengers in Ontario should understand the reality of their choices when it comes to ride sharing and auto insurance coverage in Ontario. There are a number of myths in the media that suggest that if an UberX driver or an UberX passenger are involved in a collision, their insurance coverage would be recognized. “The

simple fact is that UberX is a new concept that Ontarians are embracing quickly, both as drivers and as passengers. At this time, drivers and passengers should know that there is no

existing endorsement for a personal lines policy that is available today that would guarantee them coverage or protection in the event of a collision during an UberX experience. If the

driver is working under a standard/basic personal auto insurance policy and they have not informed their insurer or broker that they were using their vehicle for commercial

purposes, coverage would likely not be extended.” Said Michael Brattman, President, IBAO. “UberX drivers would be properly covered through the Facility Association under their taxi

commercial auto policy. This is what is available today for drivers.”

Auto insurance coverage is a complex product. When an injury occurs after a collision, it grows more complex. When you layer UberX on top of that (a grey zone between personal

insurance and commercial insurance), the complexity compounds even more. “Our position will always be to advocate for the protection Ontario consumers. We are

encouraging insurers and regulators to find coverage solutions that specifically protect ride sharing opportunists. We would like to work with Uber to understand more

about the coverage they say they provide to their drivers.” Said Michael Brattman, President, IBAO.

THE VALUE OF INSURANCE

Over the last several years, Canada has experienced the most severe catastrophic events in its history. Forecasts are that insurance companies will again spend more than a billion dollars in 2013 to help restore Canadians impacted by weather-related events. This will be the fifth consecutive year this has occurred (following those in 2009, 2010, 2011 and 2012).

Without the support of insurance companies, many Canadians would be unable to get back to normal and resume the daily activities of their lives.

AVAILABLE AND AFFORDABLE

Compared to other expenditures, the average Canadian pays less for insurance on a monthly basis than they do for their cellphone and internet bill*.

In 2012, Canadians spent an average of $185 per month on communications services:
Wireless: $67
Internet: $31
Cable and other television services: $52
Wireline telephone: $35

The Canadian average monthly premium to protect your home and its contents is $51/month. The percentage of household income taken up by shelter and accommodation is just over 40% per year. To protect your biggest investment, home insurance represents less than 1% of an average Canadian family’s yearly expenditures.

We are fortunate to live in a country where we can purchase comprehensive protection for one of our biggest investments at a very reasonable cost. For an annual cost that is less than a latte a day, you are protected for your:

Home

Contents

Loss of use (additional living expenses)

Liability insurance for accidents that may happen at your home

You are also protected from severe weather events such as:

Hailstorms

Fire

Wind

Lightning

Tornadoes

In addition, as an Intact Insurance customer, many homeowner policies include coverage for: